Wall Street Is Focused on Old SaaS. Smart Money Sees the Agentic Layer.

SaaS stocks are selling off and Wall Street is debating whether Salesforce and Adobe can pick themselves up off the mat. But the bigger opportunity isn't in old software — it's in a brand new layer of the economy. AI agents aren't tools you use. They're workers you deploy. And that changes everything — payments, security, identity, hardware, and operating systems all need to be rebuilt for this new layer. I walk through the three phases of how this rolls out, who wins at each phase, and why smart investors are getting positioned now while Wall Street is still a year behind.